Argentina prepares privatization of two thermal power plants

The Argentine government is preparing to launch bidding documents to privatize two major thermal power plants: Manuel Belgrano and José de San Martín. The sale involves transferring the stakes currently held by Energía Argentina (Enarsa).

The state maintains controlling interest in both facilities, holding 65% of Termoeléctrica Manuel Belgrano and 68.83% of Termoeléctrica José de San Martín. The Manuel Belgrano plant is located in Campana, Buenos Aires province, while the José de San Martín plant operates in Timbúes, Santa Fe. Both are large-scale combined-cycle plants with an installed nominal capacity of approximately 800 megawatts each.

This move is part of a broader privatization process for Enarsa authorized in 2025, aimed at progressively divesting state holdings and reorganizing energy generation, transport, and infrastructure assets. While the government has not publicly set a final price, private market valuations estimate the operations could be worth around US$300 million per company.